US Mortgage Rates Rise to 6.22% After Four Weeks of Decline
The average 30-year U.S. mortgage rate increased to 6.22% this week, ending four consecutive weekly declines, affecting borrowing costs for homebuyers.
Overview
- The average 30-year U.S. mortgage rate increased to 6.22% from 6.17% last week, ending a four-week streak of declines and reversing recent trends.
- This rise in borrowing costs also affected 15-year fixed-rate mortgages, contributing to the overall increase in the average U.S. long-term mortgage rate.
- While recently rising, the average U.S. long-term mortgage rate was 6.79% a year ago, and has consistently remained above 6% since September 2022.
- Lower mortgage rates generally benefit homebuyers by enhancing purchasing power and allow homeowners to refinance, especially those who bought during high-rate periods.
- The Federal Reserve previously lowered its key interest rate in September to help stimulate the struggling job market, which had influenced earlier mortgage rate declines.
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Analysis
Center-leaning sources cover this story neutrally by presenting factual data on mortgage rate changes and providing comprehensive context without overt editorial bias. They explain the influencing factors, historical trends, and potential future scenarios, allowing readers to draw their own conclusions. The reporting avoids loaded language and balances various economic perspectives.
"The average rate on a 30-year U.S. mortgage ticked up for the first time in five weeks after falling to its lowest level in more than a year last week."
ABC News"While these rates aren't as low as they were during the pandemic, they're still historically competitive and, with the right approach and budget, may support a purchase or refinance move by select buyers and owners right now."
CBS NewsArticles (3)
FAQ
The recent increase to 6.22% from 6.17% ended a four-week streak of declines and was influenced by overall rises in long-term mortgage borrowing costs, despite Federal Reserve rate cuts earlier in the year aimed at stimulating the economy.
The current average 30-year mortgage rate of 6.22% is lower than last year's peak of around 6.79% and significantly lower than historical averages, with the long-term average mortgage rate since 1971 at about 7.7%. Rates have remained above 6% since September 2022.
Lower mortgage rates increase purchasing power for homebuyers, making homes more affordable and enabling more refinancing opportunities for homeowners who bought during higher rate periods. Conversely, increases in rates raise borrowing costs and reduce affordability.
The Federal Reserve lowered its key interest rate in September 2025 to stimulate the struggling job market, which contributed to earlier declines in mortgage rates. However, caution regarding inflation and economic conditions continues to influence mortgage rate fluctuations.
Economic models project that the average 30-year mortgage rate will trend around 6.30% in 2026 and decline slightly to around 6.00% in 2027, indicating relative stability near current levels over the short to medium term.
History
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